National Australia Bank Launches Funds Transfer Service Initiated by NFC Peer-to-Peer Mode

National Australia Bank has introduced a peer-to-payment application, which enables customers to transfer funds, initiated by NFC or QR codes or by using a mobile number, email address or Facebook account.

The application, NAB Flik, can generate a QR code for users to scan to initiate a funds transfer, or users with NFC-capable handsets can tap their phones together to exchange funds. The NFC tap initiates a funds transfer from one account to the other within National Australia Bank’s online banking system. This is a transfer between bank accounts over the network, not a direct transfer of money, and no secure element is involved.

To send or request a payment, NAB Flik users can also select a contact from a phone, Facebook, or email contact list. The application will send the contact a request to either register for the application or enter their bank account information.

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